Closing Bell: PPI, banks, tanks

Posted Jun 17th 2008 4:19PM by Jon Ogg
Filed under: Best Buy (BBY), Goldman Sachs Group (GS), Alcatel-LucentADS (ALU)

Any relief we would have been seen in financial stocks was knocked down by a solid PPI reading and by more worries about banking stocks. We also saw a report from The Federal Reserve reporting that industrial productions fell by -0.2% in May, and plants were running at the lowest capacity in almost three years at 79.4%. As you'd expect, we also saw a decline of -3.3% in new housing starts to an annual rate of 975,000, and that represented more than a 10-year low. These are the unofficial closing bell levels for major US index levels:

DJIA 12159.65 (-109.43)
S&P500 1350.90 (-9.24)
NASDAQ 2457.73 (-17.05)
10YR T-NOTE 4.225% (-0.02%)
52-WEEK LOWS
Top 10 Analyst Calls

And the best news of all may be if you believe T. Boone Pickens comment that oil speculators aren't helping the increase in oil prices.

Alcatel-Lucent (NYSE: ALU) managed to stay up all day and shares were up 4% at $7.00 after the company's $1 billion award from China last night.

Best Buy Co., Inc. (NYSE: BBY) also saw a better than expected earnings report and strong guidance for the economy, but Wall Street focused on those negative metrics we addressed. Shares were down by over 5% at $43.44 in the final minutes today.

Capstone Turbine Corporation (NYSE: CPST) continued its surge because of that understated backlog from last week. Shares were up 7% at $4.09 in the final minutes today.

Goldman Sachs Group, Inc. (NYSE: GS) saw a surge in the price of its stock at the open and pre-market after it beat earnings estimates, but shares were down by 1.25% at $179.81 in the final minutes after the weakness in the sector today.

Tags: alcatel, best buy, BestBuy, capstone turbine, CapstoneTurbine, goldman sachs, GoldmanSachs

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Reader Comments (Page 1 of 1)

6-17-2008 @ 4:31PM

Ron said...

Heed my Warning $4:00 A gallon will kill the US. enviroment.and I'm talking across the board the retail/customer spending/computers/and even grocerys you can speculate all you want. I am telling you it will. Right nere right now.